Daily Forecast - 18 May 2017
WTI CrudeJune contract
WTI Crude dipped to 4880/90 & holding here re-targets 4920/20 before the 4960/65 high. We are battling 1 year & 6 month trend line resistance in the upper 4900's with Fibonacci resistance at 4980/90. The 4960/90 area is best chance of a high for the week. A break above 5030 however signals further gains towards 5090/5100.
AS LONG AS WE HOLD BELOW 5000 RISK ARE TO THE DOWNSIDE IN THE 3 MONTH BEAR TREND. Below 4870 targets support at 4830/20 & longs (which would be risky) need stops below 4805/00. Be ready to sell a break below if not already short to target 4785 & support at 4745/35. This is probably the best chance of a low for the day & a good place for some profit taking on shorts perhaps but longs would be very risky. If you try, use stops below 4700.
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